HONG KONG LISTING FOR CHINA PACIFIC COULD BE DELAYED

China Pacific Insurance (Group), which floated on the Shanghai Exchange on December 25, is likely to delay its ‘H’ share flotation on the Hong Kong exchange because of volatile markets, reports the South China Morning Post . Citing unnamed sources, the article reported that the company had cancelled a planned meeting scheduled for today with the Hong Kong stock exchange’s listing committee. China Pacific had been expected to raise HK$24bn (US$3.1bn), following a $4.07bn issue on the Shanghai exchange. Mainland-listed shares in China Pacific have dropped some 30% from their peak of more than 51 yuan, although the stock remains comfortably above its flotation price of 30 yuan. Swiss banks UBS and Crédit Suisse are arranging the deal. China International Capital Corp is also a bookrunner for the planned listing.